HomeMy WebLinkAbout03 2023Page 1 of 7
OVERVIEW
This monthly financial report reflects the City’s revenue and expenditures/expenses for the fiscal year through March 31,
2023. A detailed analysis, including budget to actual comparison, will be prepared quarterly in accordance with the City’s
financial management policies.
GENERAL FUND
The General Fund is used to account for resources that are not generally dedicated for a specific purpose. The General Fund
is used to meet the basic services that the City provides including, but not limited to, police protection, parks and recreation,
human services, municipal court, street maintenance and planning, economic development, and administrative functions.
The table below displays the year-to-date revenues and expenditures for the General Fund.
Economic Development and Operating reserves are established internally in accordance with the City’s Policy on Stabilization
Funds, as outlined in the 2023-2024 Adopted Budget.
General
REVENUES:
Taxes 20,522,808$
Licenses and permits 2,218,372
Grants / intergovernmental 1,435,738
Charges for services 2,800,603
Fines and penalties 935,110
Miscellaneous 681,121
Sale of general fixed assets -
Investment Earnings 552,399
Insurance recoveries 3,625
TOTAL REVENUES 29,149,776
EXPENDITURES:
Personnel 17,757,817
Supplies 430,372
Contracted Services 4,970,439
Principal -
Capital Outlay 46,017
Internal Services 5,122,735
TOTAL EXPENDITURES 28,327,380
Transfers In 33,750
Transfers Out (49,289)
NET TRANSFERS (15,539)
CHANGE IN FUND BALANCE 806,857
BEGINNING FUND BALANCE, Jan 1 83,605,978
Prior Period Adjustment 11,092
BEGINNING FUND BALANCE, Jan 1 - restated 83,617,070
ENDING FUND BALANCE, Mar 31 84,423,927$
ECONOMIC DEVELOPMENT RESERVE 2,500,000
OPERATING RESERVES 10,300,000
AVAILABLE FUND BALANCE, Mar 31 71,623,927$
Monthly Financial Report March 2023
Monthly Financial Report City of Renton, Washington March 2023
Page 2 of 7
DEBT SERVICE FUND
Debt service funds are used to account for the accumulation of resources for the payment of principal and interest related to
the City’s general obligation bond issues. The table below displays the year-to-date revenues and expenditures for the City’s
debt service fund.
Debt service reserves are established internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the
2023-2024 Adopted Budget.
General
Governmental
Misc Debt
REVENUES:
Grants / intergovernmental 19,159$
Investment Earnings 30,392
TOTAL REVENUES 49,551
EXPENDITURES:
Principal 203,210
Interest 67,876
TOTAL EXPENDITURES 271,086
Transfers In -
NET TRANSFERS -
CHANGE IN FUND BALANCE (221,535)
BEGINNING FUND BALANCE, Jan 1 5,262,665
ENDING FUND BALANCE, Mar 31 5,041,130$
Debt Service Reserve 2,711,725
AVAILABLE FUND BALANCE 2,329,405$
Monthly Financial Report City of Renton, Washington March 2023
Page 3 of 7
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for revenues that are to be used for a specific purpose as required by law or
legislative action. The table below displays the year-to-date revenues and expenditures for the City’s special revenue funds.
CAPITAL PROJECT FUNDS
Capital project funds are used to account for the acquisition and construction of major capital facilities and equipment. The
table below displays the year-to-date revenues and expenditures for the City’s capital project funds.
Hotel-Motel Tax
Cable
Communications
Housing and
Supportive
Services
Springbrook
Wetlands
Fire Impact
Mitigation
School District
Impact Mitigation Police Seizure
Police CSAM
Seizure
REVENUES:
Taxes 95,819$ -$ 1,099,368$ -$ -$ -$ -$ -$
Licenses and permits - 14,244 - - - - - -
Charges for services - - - - 15,786 64,974 - -
Fines and penalties - - - - - - - 384
Investment Earnings 4,642 2,795 38,279 2,685 16,046 132 1,980 1,017
TOTAL REVENUES 100,461 17,039 1,137,647 6,696 31,832 65,106 64,990 1,401
EXPENDITURES:
Personnel - - - 2,997 - - - -
Supplies - 1,425 - - - - 448 -
Contracted Services 31,752 8,663 - - - 40,716 14,090 4,544
TOTAL EXPENDITURES 31,752 10,088 - 2,997 - 40,716 14,538 4,544
-
Transfers In - - - - - - - -
Transfers Out - - - - - - - -
NET TRANSFERS - - - - - - - -
CHANGE IN FUND BALANCE 68,709 6,951 1,137,647 3,699 31,832 24,390 50,452 (3,143)
BEGINNING FUND BALANCE, Jan 1 712,384 453,147 6,110,390 454,628 2,724,187 - 339,814 172,804
Prior Period Adjustment - - - - - - - -
BEGINNING FUND BALANCE, Jan 1 - restated 712,384 453,147 6,110,390 454,628 2,724,187 - 339,814 172,804
ENDING FUND BALANCE, Mar 31 781,093$ 460,098$ 7,248,037$ 458,327$ 2,756,019$ 24,390$ 390,266$ 169,661$
CS Impact
Mitigation
Transportation
Impact
Mitigation REET 1 REET 2
Municipal
Facilities CIP
Capital
Investment
Family First
Center
REVENUES:
Taxes -$ -$ 382,428$ 382,429$ -$ -$ -$
Grants / intergovernmental - - - - 198,042 3,354,655 20,000
Charges for services 48,337 162,456 - - - - -
Fines and penalties - - - - - - -
Contributions - - - - 1,000 200,000 -
Sale of general fixed assets - - - - - - -
Investment Earnings 9,448 41,278 18,531 35,991 147,034 85,039 15,489
TOTAL REVENUES 57,785 203,734 400,959 418,420 346,076 3,639,694 35,489
EXPENDITURES:
Personnel - - - - 19,492 19,115 -
Supplies - - - - - - -
Contracted Services - - - - 68,578 19,203 -
Capital Outlay - - - - 3,184,273 737,555 1,545,399
TOTAL EXPENDITURES - - - - 3,272,343 775,873 1,545,399
Transfers In - - - - - - -
Transfers Out - - - - - - -
NET TRANSFERS - - - - - - -
CHANGE IN FUND BALANCE 57,785 203,734 400,959 418,420 (2,926,267) 2,863,821 (1,509,910)
BEGINNING FUND BALANCE, Jan 1 1,595,389 6,964,011 3,049,711 6,019,961 24,671,384 12,561,975 2,795,295
Prior Period Adjustment - - - - - - -
BEGINNING FUND BALANCE, Jan 1 - restated 1,595,389 6,964,011 3,049,711 6,019,961 24,671,384 12,561,975 2,795,295
ENDING FUND BALANCE, Mar 31 1,653,174$ 7,167,745$ 3,450,670$ 6,438,381$ 21,745,117$ 15,425,796$ 1,285,385$
Monthly Financial Report City of Renton, Washington March 2023
Page 4 of 7
ENTERPRISE FUNDS
Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business
enterprises. The table below displays the year-to-date revenues and expenses of the City’s enterprise funds.
Amounts restricted for debt service are in accordance with revenue bond requirements. Operating reserves are established
internally in accordance with the City’s Policy on Stabilization Funds, as outlined in the 2021-2022 Adopted Budget.
Airport
Solid Waste
Utility Golf Course Water Utility
Wastewater
Utility Metro
Surface Water
Utility
REVENUES:
Licenses and permits -$ -$ -$ -$ 10,500$ -$ 9,375$
Grants / intergovernmental 29,954 - - - - - 1,004,890
- - 18,973 - - - -
Charges for services 848,396 6,102,084 437,912 3,941,433 2,979,285 4,999,452 3,207,485
Fines and penalties - - - - - - -
Rents, leases, and misc fees 19,137 - 89,155 106,141 - - -
Interest and other misc 53,640 19,461 11,638 301,588 196,779 36,684 623,856
TOTAL REVENUES 951,127 6,121,545 557,678 4,349,162 3,186,564 5,036,136 4,845,606
EXPENSES:
Personnel 282,708 116,423 402,527 1,179,087 592,421 - 957,674
Supplies 20,627 4,431 87,005 225,127 47,991 - 32,208
Contracted Services 90,163 4,898,870 41,092 675,640 565,344 5,043,453 295,315
Internal Services 111,424 131,754 117,083 733,827 499,797 - 747,430
TOTAL OPERATING EXPENSES 504,922 5,151,478 647,707 2,813,681 1,705,553 5,043,453 2,032,627
CAPITAL, AND TRANSFERS 446,205 970,067 (90,029) 1,535,481 1,481,011 (7,317) 2,812,979
DEBT SERVICE:
Principal - - 11,092 - - - -
Interest - - 462 - - - -
TOTAL DEBT SERVICE - - 11,554 - - - -
CAPITAL OUTLAY 152,506 - - 999,613 202,640 - 300,171
Transfers In - - 38,750 - - - -
Transfers Out - - (38,750) - - - -
NET TRANSFERS - - - - - - -
CHANGE IN FUND BALANCE 293,699 970,067 (101,583) 535,868 1,278,371 (7,317) 2,512,808
BEGINNING FUND BALANCE, Jan 1 8,925,689 3,951,191 1,609,927 48,208,077 22,850,871 6,237,142 28,314,756
ENDING FUND BALANCE, Mar 31 9,219,388$ 4,921,258$ 1,508,344$ 48,743,945$ 24,129,242$ 6,229,825$ 30,827,564$
Restricted for Debt Service 1,930,472 - - 1,394,051 661,227 - 754,868
Operating Reserve 237,749 400,000 718,815 1,494,850 887,217 380,000 1,131,139
AVAILABLE FUND BALANCE 7,051,167$ 4,521,258$ 789,529$ 45,855,044$ 22,580,798$ 5,849,825$ 28,941,557$
Monthly Financial Report City of Renton, Washington March 2023
Page 5 of 7
INTERNAL SERVICE FUNDS
Internal service funds are used to account for the goods and services furnished by one City department to other City
departments on a cost reimbursement basis. The table below displays the year-to-date revenues and expenses of the City’s
internal service funds.
Insurance reserves for the Healthcare Fund are established at a rate of 31% of current year budgeted expenses. 100% of the
Retiree Healthcare fund balance is reserved for OPEB.
Equipment Rental Insurance
Information
Technology Facilities Communications Healthcare
Retiree
Healthcare
REVENUES:
Technology Fee -$ -$ 54,897$ -$ -$ -$ -$
Grants / intergovernmental - - - - - - -
Charges for services:
Equipment rental m&o 824,144 - 1,838,899 - - - -
Print and mail - - - - 127,785 - -
Communications - - - - 270,316 - -
Facilities - - - 1,704,157 - - -
IT service contracts - - - - - - -
Interest and other misc 76,762 134,041 48,388 3,231 1,910 43,337 116,837
Internal service fund misc:
Vehicle / equipment capital recovery 830,804 - - - - - -
Insurance premiums - 721,044 - - - - -
Worker's comp/unemployment - 419,836 - - - - -
Benefit premiums - - - - - 3,291,116 456,250
Other misc 232 9,912 - 25,352 - 145,209 33,615
Disposal of capital assets - - - - - - -
Insurance recoveries 28,630 170,998 - - - - -
TOTAL REVENUES 1,760,572 1,455,831 1,942,184 1,732,740 400,011 3,479,662 606,702
EXPENSES:
Personnel 290,050 340,431 848,986 870,466 230,261 2,703,733 303,441
Supplies 391,474 - 77,864 291,331 13,760 1,375 -
Contracted Services 77,495 789,142 791,357 333,645 69,477 139,931 14,186
Internal Services 32,841 - 1,634 68,272 1,174 29,084 -
TOTAL OPERATING EXPENSES 791,860 1,129,573 1,719,841 1,563,714 314,672 2,874,123 317,627
AMOUNT AVAILABLE FOR DEBT SERVICE,
CAPITAL, AND TRANSFERS 968,712 326,258 222,343 169,026 85,339 605,539 289,075
TOTAL DEBT SERVICE - - - - - - -
CAPITAL OUTLAY 116,070 - 824,452 17,160 - - -
Transfers In - - 15,539 - - - -
Transfers Out - - - - - - -
NET TRANSFERS - - 15,539 - - - -
CHANGE IN FUND BALANCE 852,642 326,258 (586,570) 151,866 85,339 605,539 289,075
BEGINNING FUND BALANCE, Jan 1 13,277,635 23,221,020 9,021,343 937,922 428,724 6,935,644 19,928,792
ENDING FUND BALANCE, Mar 31 14,130,277$ 23,547,278$ 8,434,773$ 1,089,788$ 514,063$ 7,541,183$ 20,217,867$
Insurance Reserves - 18,100,000 - - - 4,561,072 20,217,867
Opearting Reserves 10,771,120 - 3,301,303 - - - -
AVAILABLE FUND BALANCE 3,359,157$ 5,447,278$ 5,133,470$ 1,089,788$ 514,063$ 2,980,111$ -$
Monthly Financial Report City of Renton, Washington March 2023
Page 6 of 7
FIDUCIARY FUNDS
Fiduciary funds are used to account for assets held by the City in a trustee capacity. These assets are not available for City use
as they are not City assets. The table below displays year-to-date revenues and expenditures of the City’s fiduciary funds.
Firemens' Pension Custodial Fund
REVENUES:
Intergovernmental -$ -$
Investment Earnings 48,213 -
Collected for Others - 435,757
TOTAL REVENUES 48,213 435,757
EXPENDITURES:
Distributions to Others 114,087 114,343
TOTAL EXPENDITURES 76,200 114,343
NET TRANSFERS - -
CHANGE IN FUND BALANCE (27,987) 321,414
BEGINNING FUND BALANCE, Jan 1 8,733,791 -
ENDING FUND BALANCE, Mar 31 8,705,804$ 321,414$
Monthly Financial Report City of Renton, Washington March 2023
Page 7 of 7
CONTACT INFORMATION
This report is prepared by the Finance Department. For additional financial information, please also review our website:
http://www.rentonwa.gov/. For any questions about the report, please feel free to contact Nate Malone
nmalone@rentonwa.gov or Kristin Trivelas ktrivelas@rentonwa.gov .
City of Renton
All Funds - Revenue, Expenditures and Fund Balances
Budgetary Basis through March 31, 2023
Funds
Balance
01/01/2022
Budgeted
Revenue
Revenue
03/31/23
Total Funds
Available
Budgeted
Expenditure
Expenditure
03/31/23 Ending Balance
GENERAL FUND 83,605,978 131,681,538 29,194,618 112,800,596 137,261,989 28,376,669 84,423,927
SPECIAL REVENUE FUNDS:10,967,354 5,152,674 1,425,172 12,392,526 8,288,007 104,635 12,287,891
110 Hotel Motel 712,384 200,000 100,461 812,845 454,616 31,752 781,093
127 Cable Communication 453,147 57,674 17,039 470,186 161,586 10,088 460,098
130 Housing and Supportive Services 6,110,390 3,500,000 1,137,647 7,248,037 3,000,000 - 7,248,037
135 Springbrook Wetlands Bank 454,628 - 6,696 461,324 40,000 2,997 458,327
140 Police Seizure 339,814 - 64,990 404,804 339,814 14,538 390,266
141 Police CSAM Seizure 172,804 - 1,401 174,205 172,804 4,544 169,661
31X School District Impact Mitigation - 995,000 65,106 65,106 995,000 40,716 24,390
304 Fire Mitigation 2,724,187 400,000 31,832 2,756,019 3,124,187 - 2,756,019
DEBT SERVICE FUND 5,262,665 5,755,022 49,551 5,312,216 5,565,690 271,086 5,041,130
CAPITAL PROJECT FUNDS (CIP):57,657,726 63,915,506 5,102,157 62,759,883 105,824,795 5,593,615 57,166,268
303 Community Services Mitigation 1,595,389 86,500 57,785 1,653,174 950,000 - 1,653,174
305 Transportation Mitigation 6,964,011 1,780,000 203,734 7,167,745 5,785,897 - 7,167,745
308 REET1 3,049,711 2,300,000 400,959 3,450,670 2,500,000 - 3,450,670
309 REET2 6,019,961 2,300,000 418,420 6,438,381 3,403,625 - 6,438,381
316 Municipal Facilities CIP 24,671,384 11,617,871 346,076 25,017,460 36,191,473 3,272,343 21,745,117
317 Transportation CIP 12,561,975 42,494,135 3,639,694 16,201,669 54,259,973 775,873 15,425,796
346 New Family First Center Dvlpmnt 2,795,295 3,337,000 35,489 2,830,784 2,733,827 1,545,399 1,285,385
ENTERPRISE FUNDS:120,097,653 112,126,975 25,086,568 145,184,221 177,396,114 19,604,655 125,579,566
4X2 Airport Operating & CIP 8,925,689 4,531,000 951,127 9,876,816 9,531,180 657,428 9,219,388
403 Solid Waste Utility 3,951,191 25,533,751 6,121,545 10,072,736 25,975,969 5,151,478 4,921,258
4X4 Golf Operating & CIP 1,609,927 3,230,125 596,428 2,206,355 3,304,574 698,011 1,508,344
4X5 Water Operating & CIP 48,208,077 20,789,505 4,349,162 52,557,239 52,238,128 3,813,294 48,743,945
4X6 Waste Water Operating & CIP 22,850,871 12,064,965 3,186,564 26,037,435 25,445,102 1,908,193 24,129,242
416 King County Metro 6,237,142 19,358,929 5,036,136 11,273,278 20,173,811 5,043,453 6,229,825
4X7 Surface Water Operating & CIP 28,314,756 26,618,700 4,845,606 33,160,362 40,727,350 2,332,798 30,827,564
INTERNAL SERVICE FUNDS:73,751,080 50,375,743 11,393,241 85,144,321 55,206,020 9,669,092 75,475,229
501 Equipment Repair/Replacement 13,277,635 9,760,394 1,760,572 15,038,207 9,250,890 907,930 14,130,277
502 Insurance 23,221,020 4,997,328 1,455,831 24,676,851 6,925,014 1,129,573 23,547,278
503 Information Services 9,021,343 8,804,266 1,957,723 10,979,066 13,697,399 2,544,293 8,434,773
504 Facilities 937,922 7,062,137 1,732,740 2,670,662 7,100,672 1,580,874 1,089,788
505 Communications 428,724 1,593,402 400,011 828,735 1,665,050 314,672 514,063
512 Insurance, Healthcare 6,935,644 16,123,216 3,479,662 10,415,306 15,197,161 2,874,123 7,541,183
522 Insurance, Leoff1 Retirees HC 19,928,792 2,035,000 606,702 20,535,494 1,369,834 317,627 20,217,867
FIDUCIARY FUNDS:8,733,791 400,000 483,970 9,217,761 253,475 190,543 9,027,218
611 Firemens' Pension 8,733,791 400,000 48,213 8,782,004 253,475 76,200 8,705,804
630 Custodial Fund - - 435,757 435,757 - 114,343 321,414
TOTAL FUNDS 360,076,247 369,407,458 72,735,277 432,811,524 489,796,090 63,810,295 369,001,229